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The difference stems from how the two companies recognise revenue generated through third-party cloud platforms. Anthropic includes sales made through partners such as Amazon Web Services (AWS) and Google Cloud in its revenue calculations. OpenAI does not include certain partner-generated sales in the same way.
Anthropic pays cloud partners about 16% of every dollar earned through these channels. Such sales accounted for half of its revenue last year, according to a Reuters analysis. These differences make direct comparisons between the companies difficult without adjusting their figures to a common accounting basis.
OpenAI did not respond to Reuters’ request for comment. The Financial Times first reported the revised estimate, citing financial information shared with investors.
OpenAI began 2026 with an annualised revenue run rate of USD 20 billion, compared with USD 6 billion in 2024. Despite this growth, the company faced stronger competition from Anthropic during the second quarter.
OpenAI reported, “Quarterly revenue of USD 6.7 billion in the period, while Anthropic generated USD 11.5 billion. Anthropic’s annualised revenue run rate crossed USD 65 billion in July, and sources previously told Reuters that it could reach USD 100 billion by the end of 2026.”
The figures underline the intensifying competition for enterprise customers as businesses adopt generative AI tools. Both companies are seeking to expand their commercial operations while managing the substantial costs associated with computing infrastructure and AI model development.
The revised estimate comes as OpenAI and Anthropic prepare for potential public offerings. A listing could give investors greater visibility into their revenue recognition policies, operating costs and financial sustainability.
Annualised revenue run rate remains a popular measure among fast-growing technology companies. It typically multiplies revenue from a single month by 12 to estimate the annual pace of sales. However, the measure does not represent actual full-year revenue and can mislead investors if monthly sales fluctuate.
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